|24 September, 2019

Dubai's DP World set to raise $1bln in sukuk and conventional bonds

The port operator, majority owned by the government, received orders in excess of $2.9 billion for the issuance

Terminal tractors line up as they are loaded with containers from a cargo ship at DP World's fully automated Terminal 2 at Jebel Ali Port in Dubai, United Arab Emirates, December 27, 2018. Image used for illustrative purpose.

Terminal tractors line up as they are loaded with containers from a cargo ship at DP World's fully automated Terminal 2 at Jebel Ali Port in Dubai, United Arab Emirates, December 27, 2018. Image used for illustrative purpose.

REUTERS/ Hamad I Mohammed

DUBAI: Dubai's DP World is set to raise $1 billion in bonds equally split between sukuk, or Islamic bonds, and conventional notes, a document issued by one of the banks leading the deal showed.

The $500 million 10-year sukuk offers a profit rate of 3.75%, while the 30-year conventional paper offers a 4.7% yield.

The port operator, majority owned by the government, received orders in excess of $2.9 billion for the issuance, the document said.

(Reporting by Davide Barbuscia; Editing by Susan Fenton) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

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